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Financings in Brief: Visx

This article was originally published in The Gray Sheet

Executive Summary

Visx: Nets $12.2 mil. from a private placement, via agent Allen & Company, of 1.2 mil. common shares. The Santa Clara, California-based company plans to use the funds to scale up its manufacturing facilities to accommodate production of the Star, a smaller, lower maintenance device than its existing lasers. The firm also will use a portion of the proceeds to pay various regulatory and legal expenses. Visx is awaiting word from FDA about a possible panel review on use of its Twenty/Twenty excimer laser for photorefractive keratectomy. The company is hopeful that the laser will be reviewed at the Ophthalmic Devices Panel's next meeting in July; the panel's scheduled April 27-28 meeting has been canceled. In October, Visx's competitor Summit Technology received an approval recommendation with conditions from the panel for its OmniMed laser for PRK ("The Gray Sheet" Oct. 24, 1994, p. 3)...
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